Filing Flows › Waste Connections (WCN) › Q3 2025
Waste Connections (WCN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Waste Connections (WCN) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +2% from the quarter before. Operating margin was 17.9%, net earnings $286M (11.6% of revenue).
Waste Connections, Q3 2025: revenue $2.5B (+5% year over year), operating margin 17.9%, net earnings $286M, operating cash flow $677M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +2% | +5% |
| Operating profit | $440M | -4% | -8% |
| Net earnings | $286M | -1% | -7% |
| Operating cash flow | $677M | +6% | +21% |
| Free cash flow | $380M | +8% | +33% |
What changed
Revenue was $2.5B in Q3 2025, up 5% year over year and up 2% from the previous quarter. Western was the largest line at 20% of revenue. Eastern added $0.03B year over year (up 8%), 28% of the total change.
Operating profit was $0.44B, a 17.9% margin (down 2.4 points year over year). Operating profit fell $0.04B even though revenue rose $0.12B versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $0.29B, down 7% year over year. The effective tax rate was 23.6%.
Operating cash flow was $0.68B (up 21% year over year), 237% of net earnings. Non-cash charges added back $0.32B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.30B left free cash flow of $0.38B.
Questions
What was Waste Connections' revenue in the third quarter 2025?
Waste Connections (WCN) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +2% from the quarter before.
Was Waste Connections profitable in the third quarter 2025?
Operating profit was $440M (17.9% of revenue) and net earnings $286M.
Source: Waste Connections 10-Q on SEC EDGAR.